Southfield, Mich.-headquartered Right Stop Mortgage LLC, an Internet-based wholesale mortgage lender specializing in loan programs for nonconforming borrowers, plans to launch a new suite of nonprime programs.
Among the offerings from this new firm are loans for people with credit scores down to 580 with no down payment. Other programs are set to include stated-income loans for self-employed borrowers with 5% down and a hard money product with a voidable prepayment penalty.
Right Stop says it will initially offer its products through brokers in Arizona, Colorado, Florida (license pending), Nevada and Utah. The company will operate totally online without traditional account executives. Additionally, Right Stop plans to use fraud prevention services and require brokers to sign an acknowledgement that any fraud will be prosecuted to the highest degree.
The company encourages mortgage brokers to pre-register at its Web site: www.rightstopmortgage.com